IFRS 15-Revenue Recognition Revenue is defined as total amount of income generated by sales of goods and services related to the primary operation of business . Basically, any revenue which a company generates through the selling of a good or a product is considered revenue. All revenue is considered income, but not all types of income are revenue. For e.g., Interest earned .It is recognized as and when it is earned rather than payment is received. It is an accrual accounting not the cash accounting . It was earlier under IND-AS 9 , but as now IFRS is used so this is termed as IFRS 15. IFRS 15 is applicable for annual reporting periods beginning on or after 1 st January 2018. The main objective is to establish the principles that an organization shall apply to report useful information to users of financial statements which is external or internal about the nature, amount, timing and uncertainty of revenue and cash flows arising from contract. Main Steps required for r